Best Paycheck Advance Apps to Help You Make It to…

How Payday Advance Apps Work

Technically, the service these apps offer isn’t a loan; it’s a paycheck advance. In other words, it’s a way to get paid a little early for the work you’ve already performed.

A payday advance app pays you for some of the work you’ve already done this week, even if your paycheck is still several days away. The app transfers, say, $100 to your checking account, and when your next paycheck arrives, the app takes $100 directly from it to cover the cost.

. Earnin

The first payday advance app was ActiveHours, which is now Earnin. Its creators say their goal is to make the financial system fairer by helping workers break free of the pay cycle that holds back their money.Using Earnin, you can cash out up to $100 per day of the money you’ve already earned.

Chime

The Chime app doesn’t offer paycheck advances the same way Earnin and Brigit do. Instead, it’s an online bank account that gives you access to your pay faster. If you have a Chime account with direct deposit, your wages become available to you the minute your employer deposits them into the account. With most traditional bank accounts, you have to wait up to two days for the payment to clear before you have access to the money.

Brigit

The Brigit app works much the same way as Earnin. It gives you access to more cash at once than Earnin, though – up to $250 delivered to your account within one minute with no credit check needed.Brigit also offers more flexible options for paying back your cash advance than Earnin.

Dave

The Dave app combines some of the features of Earnin and Chime. It’s an online checking account with no minimum balance that also offers a no-interest cash advance.

With most banks, if you make a payment that’s more than you have in your account,the bank pays out the money and then hits you with a stiff fee.

MoneyLion

Another online banking app that offers cash advances is MoneyLion. Its Instacash feature lets you borrow up to $250 of your next paycheck with no interest and no credit check. This feature is available 24/7, and the money appears in your account within seconds.

PayActiv

Unlike some payday advance apps, PayActiv isn’t something you use on your own. Instead, your employer offers it to you as a benefit. Its core feature is what it calls “earned wage access,” or EWA, which is the ability to collect your wages as soon as you earn them.

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